W&T Offshore sees lower second quarter production

SarahTurner

LONDON (MarketWatch) -- W&T Offshore Inc.
WTI, +4.11%
said Friday that it now expects second-quarter crude oil production in a range of 2.05 to 2.15 million barrels, down from a previous range of 2.1 to 2.2 mmbbls, and 7.7 to 8.0 mmbbls for the year, down from 8.1 to 8.5 mmbbls range previously forecast. Total production, including natural gas, is expected in a range of 30.50 to 31.50 bcfe, down from a previous range of 23.7 to 34.4 bcfe. The firm also cut production guidance for the 2007, to a range of 121.0 to 127.0 bcfe. The company said that it has experience an unanticipated production deferral at its Mississippi Canyon 718 Pluto well, while other wells produced at rates less than anticipated and there was a completion failure at Ewing Bank 989 Cypress.

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